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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 195207, member: 29339"] [B][SIZE=5]BTC and XRP – Correction likely to continue[/SIZE][/B] [img]https://i.postimg.cc/LXtfYFfC/btc.jpg[/img] The price of Bitcoin reached $59,544 at its highest point yesterday from its prior higher low of $53,170 on the 5th of May. This rise of 12.24% was stopped as the third unsuccessful attempt to surpass the zone above the $60,000 which is why we have seen a decrease of 10% measured to its lowest spike of $53,530. Currently, the price is being traded at around $55,440 as it managed to snap back quickly up above the significant horizontal level. [img]https://i.postimg.cc/ZnJN6sxT/btcusd-1h-1.png[/img] Now the price is looking for support as the breakout momentum has been seen strong. The descending move is counted as the second sub-wave of the higher degree count out of which further upside would be expected. However, we need to first see the price to hold above the $55,200 area for the scenario to still be valid. If the price goes below it, that would be an early indication that we are seeing further lows before another upward cycle. The primary count implies that from the 26th of April we have seen another wave to the upside and it is still unclear where this current descending move belongs, but if it’s the part of the higher degree correction it could end below $53,400. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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